Nuvve wins $400 million V2G, EV charging contract in New Mexico

The State of New Mexico has awarded Nuvve a $400 million contract to provide turnkey EV charging solutions – including hardware, maintenance, and data management – to the state’s growing fleet of electric vehicles.

That $400 million number comes from Nuvve (NASDAQ: NVVE) estimates about New Mexico’s total addressable market (TAM), which includes the current plans to electrify State of New Mexico (SONM) electric vehicles and support broader electrification and V2G efforts. The contract is structured as a Statewide Price Agreement (SWPA), enabling long-term progress across public agencies throughout New Mexico.

“These agreements play a crucial role in fulfilling the objective of Governor Michelle Lujan Grisham’s executive order to transition our state fleet to zero emissions,” said DOT Cabinet Secretary Ricky Serna. “These contracts ensure that state fleets transition to cleaner technology in a manner that is both efficient and economically viable.”

The contract, structured as a Statewide Price Agreement, will advance New Mexico’s Vehicles as a Service (VaaS) program, which state officials say will help facilitate more widespread fleet electrification through:

• Turnkey EV Charging Solutions – Deployment of advanced EV charging infrastructure, operations, and data management.
• Vehicle-to-Grid (V2G) and Microgrid Development – Scalable solutions integrating V2G-capable fleets, stationary battery storage, and solar energy to reduce costs and enhance grid resilience.
• Corridor Charging Stations – Establishing key EV charging sites along state highways for inter-city travel.
• EV Leasing and Infrastructure Financing – Providing innovative financial models to streamline fleet conversion.
• Asset Transition and Management – Purchasing and retiring internal combustion engine (ICE) vehicles, ensuring efficient fleet turnover.

“Nuvve continues to lead in deploying real-world, scalable solutions for the benefit of both our customers and the utility grid,” said Ted Smith, President and COO of Nuvve. “We believe this deployment provides New Mexico with best-in-class technology, financing, and implementation strategies while ensuring the state meets its sustainability goals without compromising operational efficiency.”

The first deployments of the new EV charging infrastructure program are expected to be announced sometime in Q2.

Electrek’s Take

Nuvve seems to be pulling ahead in the race to score state and municipal charging contracts – seemingly for good reason. The company is meeting these clients where they are, answering questions, and moving forward with smart, sensible program that have a high chance of successfully returning a good ROI. Which, you know, is that second kind of “sustainability” we often talk about.

SOURCE | IMAGES: Nuvve; featured image via MakeMyMove.